Hello traders,
Here we can see a very strong impulsive third wave as the market approaches a double top zone.
Ideally we would like to see a reaction around this level with a three wave correction (a-b-c) to form a wave 4.
Only if the market sets up a three wave correction will we consider going long on the NASDAQ to complete the fifth wave on the wave count.
Markets have a strong risk on sentiment at the moment with all equities moving higher. The NASDAQ appears to be lagging behind the SP500 and DOW Jones which are already trading at record highs. The major trading opportunity will be once the NASDAQ completes the 5 wave cycle! Keep your eyes on this one!
Let us know your thoughts or comments below!
Here we can see a very strong impulsive third wave as the market approaches a double top zone.
Ideally we would like to see a reaction around this level with a three wave correction (a-b-c) to form a wave 4.
Only if the market sets up a three wave correction will we consider going long on the NASDAQ to complete the fifth wave on the wave count.
Markets have a strong risk on sentiment at the moment with all equities moving higher. The NASDAQ appears to be lagging behind the SP500 and DOW Jones which are already trading at record highs. The major trading opportunity will be once the NASDAQ completes the 5 wave cycle! Keep your eyes on this one!
Let us know your thoughts or comments below!
